Calls for the deletion of zeros from the currency and financial .. parliamentary stresses: time is not right
Calls for the deletion of zeros from the currency and financial .. parliamentary stresses: time is not right
09/02/2015 (19:52)
Range / Amer Mohi
In the new Congress calls for the deletion of zeros from the Iraqi currency time, said in a Finance Committee member, said “time is not right for this project,” while the experts pointed out that the change requires a stable currency price of the dollar which is verified at the present time.
He said the parliamentary finance committee member Ahmed Hama Rashid, on Monday, the “long”, that “the proposal to delete the zeros existing four years ago and there are several proposals to implement it,” noting that “the time is appropriate at the present time for the application procedure because exhausted Iraqi economy is in a lot of the joints, especially after a significant drop in oil prices in recent times. ”
He Hama Rashid saying that “the process of deleting the zeros need to be a great economic power,” pointing out that “the process of replacing the currency after deletion of zeros requires big money, and Iraq is unable at this time to do these procedures.”
“In the case of the Iraqi economy possessed sufficient strength, we can talk about the deletion of zeros from the Iraqi currency, and the decision in consultation with the Central Bank.”
He called to “benefit from the Turkish experience in changing its currency, and the positive impacts that have been achieved through that procedure,” stressing that “the Finance Committee to discuss all proposals submitted to it, and the deletion of zeros and one of these things, has not been an official decision of the Committee on the subject.”
For his part, the economic expert on behalf of Anton told the “long”, that “Iraq is unable to delete the zeros and the currency exchange,” noting that “the problem is not the deterioration of the economic situation only, because this process needs to be accompanied by several measures, the most important to stabilize the situation security is not available at the moment. ”
He added, “before making a decision to delete the zeros need two important issues: first, the banking stability of Iraq, in addition to the stability of the dollar exchange rate in all states in the world, but the dollar is much more important than the issue of banking stability.”
“The stability of the dollar process is the most prominent issue that must be fulfilled if the deletion of zeros from the currency in the near future, and that will be reset a lot of interest on the Iraqi economy and Sicoah in front of the rest of the other currencies we need for this thing.”
The parliamentary Finance Committee member Abdul Qader Mohammed, said in (February 7, 2015) project to delete the three zeroes from the currency, one of the important projects and necessary that need to be implemented, because of the inflation figures, which traders and owners of the money to resort to capital pushed the dollar in the deal instead of the dinar. He called Muhammad, the central bank in a press interview to “take the initial steps to implement this major strategic project during the current year and applied in accordance with the stages and specific period of time, to support the national currency and the Iraqi economy.
And was a member of the parliamentary Committee of Economy Nora Albjara renewed its demand for the central bank in the (February 7, 2015) specify the timeframe for the implementation of the project to delete the zeros from the currency, the fact that the project is one of the important projects the long-awaited years ago because of the security situation.
The Cabinet decided earlier (April 10, 2013) to wait in the application process to delete the zeros from the national currency to another notice after deciding to apply earlier.
He stressed the prime minister for economic affairs adviser to the appearance of Mohammed Saleh (December 12, 2014), that the removal of zeros from the Iraqi currency at the present time requires a stable security and economic, referring to the current crisis in Iraq is appropriate for this step. Saleh said in a press statement that “the removal of zeros project aimed at reducing its computational system monetary values without any intervention of wealth and would remove the zeros from the accounts of the Republic of Iraq completely,” pointing out that “the foot on this project requires a high level of economic, security and political stability.” .
The Iraqi Central Bank announced in November 2014 to the end of “countries whose economy depends on oil, such as Iraq, the net foreign assets of any foreign currency derived from the sale of oil is a mainstay with the cash basis because it depends on oil to finance their spending significantly.
He said the bank made a statement to him that “the Iraqi government, specifically the Ministry of Finance are replacing foreign currency (dollar) that you earn from the sale of oil with the Central Bank of Iraq for the local currency (the dinar), to be able to cover internal expenses, so the foreign reserve resources growth (Dollar ) when the government consists of increasing oil prices and quantities sold. ”
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